Takata Pleads Guilty To Criminal Charges, Agrees To Pay $1B Penalty

The automotive industry finally is ready to put one of the largest safety-related recalls ever behind it.

Detroit federal Judge George Caram Steeh accepted a guilty plea Monday from Takata on one count of wire fraud, according to WCVB-TV. The Japanese supplier agreed to the deal with the U.S. Justice Department in January.

As part of its settlement, Takata has 30 days to pay a $25 million fine and $125 million in restitution. It also has to pay $850 million to compensate car manufacturers for the cost of the recall within the next year.

The Justice Department reportedly is still seeking extradition for three former Takata executives who live in Japan.

Thumbnail photo via Honda

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